EXHIBIT 99.1
FOR INVESTOR RELATIONS CONTACT: MEDIA RELATIONS CONTACT:
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Rana Thomas Katherine Agard
Magnum Financial Group, LLC The Bohle Group
(213) 488-0443 (310) 785-0515
[email protected] [email protected]
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VSOURCE APPROVED FOR LISTING ON NASDAQ NATIONAL MARKET
VENTURA, CA -- (BUSINESS WIRE) -- October 25, 2000 - Vsource, Inc. (OTC BB:
VSRC.OB), developer of Virtual Source Network (VSN), the pure Internet
eProcurement application, announced today that the Company has received approval
for listing by Nasdaq. The Company expects to begin trading its common stock on
the Nasdaq National Market on Monday, October 30, under the ticker symbol,
"VSRC."
"The ability to trade our stock on a national marketplace is the result of
five years of hard work and dedication to making our vision a reality," said
Robert "Jay" McShirley, Chairman and CEO of Vsource. "Vince Lombardi once said
that 'The difference between a successful person and others is not a lack of
strength, not a lack of knowledge, but rather a lack of will.' Our team has
worked passionately to meet all requirements for this listing, and we believe
that being on the national market will greatly enhance Vsource's visibility in
the investment community. The timing for this listing is perfect, since our
alliance partner IBM Global Services has recently announced the formation of a
new national services practice to sell and support Virtual Source Network to its
large base of mid-sized customers."
ABOUT VSOURCE
Vsource, headquartered in Ventura, California, provides the first
transaction based, pure-Internet solution for e-procurement. Its flagship
product, Virtual Source Network (VSN), allows companies to create an
Internet-based procurement system to automate all aspects of corporate
procurement, from strategic sourcing through procurement transactions, such as
material requisitions, requests for proposals (RFP) and requests for quotes
(RFQ), and direct order from supplier catalogs or contracts at substantial
savings. VSN also supports a variety of private label and aggregated buying
situations, such as vertical markets and virtual communities.
Vsource, through relationships with IBM and Qwest, provides end-to-end
procurement
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services for the entire purchasing process, all via the Internet. Through its
recently announced Vsource national practice, IBM Global Services provides the
VSN eProcurement solution to mid-size companies. The IBM practice provides
sales and services support for systems integration, training for clients, and
consulting, as well as language translation services on VSN. Qwest is currently
offering the VSN solution to its business customers as part of its suite of
business-to-business eCommerce products.
The new catalog can be seen as part of a demonstration of VSN, which is
available through our Web site at http://www.vsource.net. Contact Vsource to
obtain a password for a demonstration or to see a CD version.
# # #
Statements in this news release that relate to management's expectations or
beliefs concerning future plans, expectations, events and performance are
"forward-looking" within the meaning of the federal securities laws. Actual
results or events could differ materially from those anticipated in the
forward-looking statements due to a variety of factors, including, without
limitation, acceptance by customers of the Company's products, changing
technology, competition in the market for purchasing management solutions,
government regulation, the Company's limited operating history, general economic
conditions, and availability of capital.
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